- U.S. stocks fell on Monday as investors worried about the escalating conflict between Israel and Iran.
- The risk-off nature of Monday’s market action pushed the 10-year Treasury yield to its highest level in 2024.
- Retail sales rose 0.7% in March, more than double the consensus estimate of 0.3%.
U.S. stocks reversed Monday morning’s gains and ended the day sharply lower as investors worried about the possibility of an escalation in the conflict between Israel and Iran.
Iran fired hundreds of missiles and drones at Israel, but defense systems in conjunction with allies intercepted nearly all of the projectiles.
“Iranian officials say the response is over, and markets are hopeful that things will calm down from here. But the situation is far from over, and headlines will come and go throughout the day. continues,” the New York Stock Exchange said. Strategist Michael Reinking said:
Officials told NBC News that a retaliatory attack by Israel against Iran could be “imminent.” Israel’s allies have warned the country against further escalation of the conflict.
Separately, retail sales rose significantly in March by 0.7%, more than double the consensus estimate of 0.3% growth. A combination of strong retail sales data and the risk-off nature of the Israel-Iran conflict pushed the 10-year US Treasury yield to its highest level in 2024, its highest level since November.
Here are the U.S. indexes as of Monday’s close at 4 p.m.
Here’s what else happened today:
In Commodities, Fixed Income and Cryptocurrencies:
- West Texas Intermediate crude oil fell 0.19% to $85.50 per barrel. The international benchmark Brent crude oil fell 0.27% to $90.21 per barrel.
- Gold rose 1.04% to $2,398.80 an ounce.
- The yield on the 10-year U.S. Treasury rose 9 basis points to 4.62%.
- Bitcoin fell 3.43% to $63,506.
